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Sealine writes down £1.28m BAP buy-back
01 Jan 2008
According to the accounts for the period to December 31 2006, the ‘events after the balance sheet’ show the repurchase, along with the comment that ‘management considers that their estimated recoverable value will be £128,000’.
At the year ended 31 Dec 2006, the directors are quoted as being ‘disappointed with the results of the company in the current year, with turnover down 2.5% from £49.36m in 2005 to the 2006 figure of £48.13m.
The company’s cost of sales is quoted at £42.583m in 2005 against £43.65m in 2006, an increase of 2.5%. The operating loss in 2005 was £1.36m, with the 2006 figure posted as £2.64m.
Staffing levels were reduced over the period from 602 in the 2005 accounts to 554 in the 2006 figures. The company paid a £3.50m dividend. Net assets are shown at £26m.
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